Bank Reconciliation Statement : Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books. To prepare: Bank reconciliation of H Photography as at November 30, 2016.

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Answer 1

Question

Chapter 7, Problem 7.19E

Requirement 1

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of H Photography as at November 30, 2016.

Requirement 2:

To determine

The amount of cash with Mr. H as on November 30, 2015.

Requirement 3:

To determine

To journalize: The transactions that arise due to bank reconciliation to be recorded in the books of H Photography:

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Prepare the bank reconciliation for april and the journal entries that should be made as a result of the bank reconciliation. What should the cash account be after recording the journal entries?

On November 3, Micah Asuncion received from the bank her bank statement for the month of October. She compared her checkbook to the bank statement and discovered the following: Prepare a bank reconciliation. CHECKBOOK Balance P333,203.50 Balance P369,725.56 Deposits: Deposits: 10/3 P59,600.00 10/3 P59,600.00 10/10 P53,740.00 10/10 P53,700.00 10/26 P27,610.00 10/16 P46,030.00 10/31 P30,260.00 10/26 P27,610.00 Check Issued and Recorded: Checks Cancelled: No.3 P14,435.00 No.5 P38,206.00 No.5 P38,026.00 No.16 P17,300.00 No.16…

With the information below, discuss each item whether it is a book reconciling or a bank reconciling item. After the discussion, prepare the bank reconciliation statement. Item 1: The bank statement for August 2014 shows an ending balance of $3,490. Item 2: On August 31, the bank statement shows charges of $35 for the service charge for maintaining the checking account. Item 3: On August 28, the bank statement shows a return item of $100 plus a related bank fee of $10. The return item is a customer's check that was returned because of insufficient funds. Item 4: The bank statement shows a charge of $80 for check printing on August 20. Item 5: The bank statement shows that $8 was added to the checking account on August 31 for interest earned by the company during the month of August. Item 6: The bank statement shows that a note receivable of $1,000 was collected by the bank on August 29 and was deposited into the company's account. On the same day, the bank withdrew $40 from the…

Answer 2

Question

Chapter 7, Problem 7.19E

Requirement 1

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of H Photography as at November 30, 2016.

Requirement 2:

To determine

The amount of cash with Mr. H as on November 30, 2015.

Requirement 3:

To determine

To journalize: The transactions that arise due to bank reconciliation to be recorded in the books of H Photography:

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Answer 3

Question

Chapter 7, Problem 7.19E

Requirement 1

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of H Photography as at November 30, 2016.

Requirement 2:

To determine

The amount of cash with Mr. H as on November 30, 2015.

Requirement 3:

To determine

To journalize: The transactions that arise due to bank reconciliation to be recorded in the books of H Photography:

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Answer 4

Question

Chapter 7, Problem 7.19E

Requirement 1

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of H Photography as at November 30, 2016.

Requirement 2:

To determine

The amount of cash with Mr. H as on November 30, 2015.

Requirement 3:

To determine

To journalize: The transactions that arise due to bank reconciliation to be recorded in the books of H Photography:

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Answer 5

Chapter 7, Problem 7.19E

Requirement 1

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of H Photography as at November 30, 2016.

Requirement 2:

To determine

The amount of cash with Mr. H as on November 30, 2015.

Requirement 3:

To determine

To journalize: The transactions that arise due to bank reconciliation to be recorded in the books of H Photography:

Answer 6

Chapter 7, Problem 7.19E

Requirement 1

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of H Photography as at November 30, 2016.

Answer 7

Chapter 7, Problem 7.19E

Requirement 1

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To prepare: Bank reconciliation of H Photography as at November 30, 2016.

Answer 8

Requirement 2:

To determine

The amount of cash with Mr. H as on November 30, 2015.

Answer 9

Requirement 2:

To determine

The amount of cash with Mr. H as on November 30, 2015.

Answer 10

Requirement 3:

To determine

To journalize: The transactions that arise due to bank reconciliation to be recorded in the books of H Photography:

Answer 11

Requirement 3:

To determine

To journalize: The transactions that arise due to bank reconciliation to be recorded in the books of H Photography:

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 7 - Prob. 1QC Ch. 7 - Prob. 2QC Ch. 7 - Prob. 3QC Ch. 7 - Prob. 4QC Ch. 7 - Prob. 5QC Ch. 7 - Prob. 6QC Ch. 7 - Prob. 7QC Ch. 7 - Prob. 8QC Ch. 7 - Prob. 9QC Ch. 7 - Prob. 10QC

Solution Summary: The author explains that the bank reconciliation statement is prepared by the company to remove the differences and disagreement between cash balances per bank and books.

Concept explainers

The amount of cash with Mr. H as on November 30, 2015.

To journalize: The transactions that arise due to bank reconciliation to be recorded in the books of H Photography:

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Chapter 7 Solutions